This invention relates to an attachment for the handle of a hammer or similar tool and more particularly to a rubber, plastic or equivalent cap which includes a magnet therein and which is sleeved over an end of the handle. One such known attachment is disclosed in my U.S. Pat. No. 3,425,468. This patent illustrates a handle mounted cap including a disc like permanent magnet embedded in a rim portion of the cap. The permanent magnet is used to contact a nail and initially tack and set the nail in a wall. The nail is subsequently driven home by the head of the hammer which is located on the other end of the handle.